Republican Tax Bill Passes First Hurdle, Could See Full Senate Vote by Thursday

The Senate Budget Committee voted along party lines Tuesday morning to pass the Republican tax bill.

The future of the bill was uncertain as the committee came together this morning, with holdouts like Bob Corker (R-Tennessee) concerned that the tax plan could blow up federal debt. The bill is still a work in progress, and Corker said just before the committee meeting began that the bill's writers agreed to add a provision that would roll back cuts if the deficit increases. J.D. Foster, chief economist for the Chamber of Commerce, has called such a provision a "terrible idea" and on Monday outlined multiple flaws with a such a provision.

ADVERTISEMENT

Thanks for watching!

The budget committee also included in the tax bill a measure that would allow drilling in the Arctic National Wildlife Refuge—a provision that ensured Lisa Murkowski (R-Alaska), a longtime proponent of opening up the refuge to oil and gas development, didn't vote against the legislation.

The bill could be up for a full vote on the Senate floor before the end of the week, Bloombergreports.